Canadian exploration and development company Great Northern Energy Metals (GNEM) has announced an amendment to its existing option agreement with Ventura Uranium (Nuvemco) and individual Paul Szilagyi.
The original option agreement, dated 20 August 2024, granted the company the exclusive right to acquire up to a 100% interest in the uranium project based in Colorado.
This acquisition is to be executed through a two-stage option to purchase all membership interests in NUV2C, a limited liability company holding the legal and beneficial title to the property.
Nuvemco currently holds a 99% stake in NUV2C, with Paul Szilagyi owning the remaining 1%.
The amendment extends the due dates for the first cash and common share payments for a uranium project. The new deadline for these payments is now set for 18 July 2025.
The fourth amendment agreement, signed on 11 July 2025, alters the payment schedule but leaves the rest of the option and assignment agreements unchanged.
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By GlobalDataThese agreements have been in place since the assignment of the optionee’s obligations to GNEM on 8 May 2025.
In addition to the amendment, GNEM has disclosed the terms of a finder’s fee agreement with an independent contractor.
This agreement was for services rendered in identifying the opportunity to enter into the assignment agreement and acquiring the membership interests in NUV2C.
The company will pay the finder 5% of the value of the total number of common shares to be issued under the option agreement.
In June 2024, GNEM announced its intention to launch a brokered private placement to raise $2m.
The private placement involves offering up to 5.715 million common shares at $0.35 each.
This strategic move is aimed at generating funds to support the company’s financial commitments, including those related to its uranium projects in Colorado.
